Global Nootropics Market Will Reach USD 5,959 Million By 2024: Zion Market Research

According to the report, the global nootropics market was valued at around USD 1,324 million in 2017 and is expected to reach approximately USD 5,959 million by 2024, at a CAGR of around 15.7% between 2018 and 2024.

New York, NY, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Nootropics Market By Application (Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-Aging, Sleep, Recovery, and Dream Enhancement, and Anxiety): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global nootropics market was valued at around USD 1,324 million in 2017 and is expected to reach approximately USD 5,959 million by 2024, at a CAGR of around 15.7% between 2018 and 2024.

Nootropics are also known as cognitive enhancers or smart drugs. These include supplements, drugs, and other related substances that can advance cognitive function, mainly executive functions, motivation, creativity, memory, or attention in healthy individuals. Nootropics can be synthetic or natural substances that are preferred widely to enhance an individual’s mental performance. Caffeine, L-Theanine, Creatine, Bacopa Monnieri, and Rhodiola Rosea are some of the popularly used nootropics.

The progression of the nootropics market is primarily due to the rising consumer expenditure on healthcare and wellness. Moreover, the growing competition in education and career demands a workforce that is not only competitive but also talented. To gain a competitive advantage, a large number of people globally prefer supplements and smart drugs for improving their concentration and grasping power. This, in turn, is estimated to boost the nootropics market in the near future. The extensive and continually growing list of potential nootropics is predicted to increase the number of prospective consumers within the forecast timeline.

By application, the global nootropics market is classified into mood and depression, memory enhancement, attention and focus, anti-aging and longevity, sleep, recovery and dream enhancement, and anxiety. The memory enhancement is the held a considerable share in terms of revenue in the year 2017, due to a rapidly evolving working environment and the education system that gradually involves workload and mental and physical pressure to succeed. Moreover, the increasing aging population is at risk of suffering from dementia. The attention and focus and mood and depression are other applications. The increasing trend of cognitive enhancement among healthy individuals for professional advantage, personal improvement, academic success, athletic performance, and to sustain brain activities during old age is estimated to boost the demand for nootropic products over the projected timeline.

North America contributed a considerable revenue share in 2017 and is estimated to lead during the forecast timeline. Robust distribution network and the increasing number of self-directed consumers are estimated to propel this regional market. Moreover, the ongoing research activities by private and government institutions in related to brain supplements and cognitive enhancers are estimated to offer new growth opportunities to the players operating in the region’s nootropics market over the forecast time period.

The European nootropics market is likely to exhibit a considerable revenue share in the upcoming years. France, Germany, and Italy are major regional contributors, due to an increased number of new product launches. Additionally, the growing geriatric population base and rising healthcare costs across Europe are estimated to support this regional market over the estimated time period.

Asia Pacific nootropics market is another important region that is likely to register a considerable rate of growth over the forecast span, due to the increasing penetration of nootropics organizations in China and India. The rising foreign investment is predicted to drive the nootropics market in the upcoming years.

The Latin American market is predicted to record a stable growth rate over the forecast time period. The increasing number of consumers with a high disposable income coupled with huge spending on healthcare and wellness is estimated to boost the demand for nootropics products in the region within the estimated timeline.

The Middle East and Africa market growth are attributed to a rising number of health-conscious consumers. Moreover, the increasing number of new entrants in the dietary supplements and nootropics industry is projected to drive this regional market in the upcoming years. The major regional companies are focusing on widening their distribution network through strategic investments via online sales channel.

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